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Daily Market Update September 11, 2020

Early Morning Update

The Oct20 natural gas contract is trading down $0.02 at $2.30. The Oct20 crude oil contract is down $0.42 at $36.89.


Yesterday, the prompt month contract settled down $.083 to close the day at $2.323. This was the lowest settlement price since August 13. The prompt month contract has now fallen nearly $.40 from its recent high of $2.71 on Aug 28. Steady NG production and dropping demand due to milder weather has helped the market reverse some of the recent rally. The slightly loosening of the fundamentals was reflected in the storage report yesterday where the EIA reported a build into storage of 70 Bcf, slightly ahead of expectations. 70 Bcf was below last years’ injection (80) but ahead of the 5-year average (68). Estimates for the next three injections are +68, +66 and +61 and if true, would shrink the surplus to both last year and the 5-year average.


Market Update 09 11 2020

Market Settles 09 10 2020


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